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Ashok, Bhim and Chetan who were sharing profits in the ratio of 5 : 3 : 2, decided to share profits in the ratio of 2 : 3 : 5 with effect from 1st April, 2023.

Workmen Compensation Reserve existed at ₹ 1,20,000 in the Balance Sheet as at 31st March, 2023 and Workmen Compensation Claim of ₹ 1,50,000 exists.

Pass Journal entries for the accounting treatment of Workmen Compensation Reserve.

Anurag Pathak Changed status to publish April 29, 2023
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